ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

November 09, 2009 06:00 ET

ProMetic and Halozyme Enter Into Long-Term Supply Agreement

MONTREAL, QUEBEC--(Marketwire - Nov. 9, 2009) - ProMetic Life Sciences Inc. (TSX:PLI)("ProMetic") announced today that Halozyme Therapeutics, Inc. (Nasdaq:HALO)("Halozyme") and ProMetic have entered into a long-term supply agreement for a proprietary synthetic ligand affinity adsorbent manufactured by ProMetic's UK subsidiary, ProMetic BioSciences Ltd.

The agreement is for an initial five-year term with the opportunity for future extension. Other aspects of the agreement were not disclosed for reasons of client confidentiality. The synthetic ligand adsorbent provided under the supply agreement is used by Halozyme in the manufacture of its rHuPH20 product, a recombinant version of human hyaluronidase enzyme. ProMetic's synthetic ligand adsorbent has been used by Halozyme throughout the development of rHuPH20 and for manufacture of this FDA-approved product (see ProMetic's press release dated January 16 2006).

Hyaluronidase temporarily degrades hyaluronan, a space-filling, gel-like substance that is an important structural component of tissues throughout the body, such as skin and cartilage. The enzyme is used to facilitate the penetration and diffusion of other drugs and fluids that are injected under the skin or in the muscle. Additional information on hyaluronidase may be found on Halozyme's Web site at www.halozyme.com.

"The signing of this long-term supply agreement reflects the increasing importance of ProMetic's synthetic ligand product to Halozyme's manufacture of rHuPH20 and the need for Halozyme to establish a secure supply chain," stated Dr. Steve Burton, Chief Executive Officer of ProMetic BioSciences Ltd. Dr. Burton added: "The market for Halozyme's rHuPH20 product is expanding and ProMetic is proud to support Halozyme's manufacturing process for this innovative product".

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. (www.prometic.com) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand™ technology. This technology is used in large-scale purification of biologics and the elimination of pathogens. ProMetic is also active in therapeutic drug development with the mission to bring to market effective, innovative, lower cost, less toxic products for the treatment of hematology and cancer. Its drug discovery platform is focused on replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. Headquartered in Montreal (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., Europe, Asia and in the Middle-East.

Forward Looking Statements

This press release contains forward-looking statements about ProMetic's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, ProMetic's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of ProMetic to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations on page 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless stated otherwise.

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